BW Summit: The role of a CMO in the changing dynamics of the market
At the 15th edition of BW Marketing Whitebook Summit, an esteemed panel of experts discussed the topic 'Bang for the Buck - The Performance Conversation'
The 15th edition of BW Marketing Whitebook Summit witnessed a fruitful panel discussion on 'Bang for the Buck - The Performance Conversation'. The panel moderated by Rana Barua, CEO, Havas Group India, comprised Errol Marquis, General Manager - Marketing, Reliance Jio, Nisha Sara Jose, Marketing Director, Faber-Castell, Shabnam Panjwani, EVP & Head Marketing, Edelweiss Group.
Talking about the changing dynamics of the market and the role of a CMO, Shabnam Panjwani, EVP & Head Marketing, Edelweiss Group said "Earlier, as a marketer our job was to bring the horse to the trough and the sales guys used to make it drink. However, that all stopped a few years ago. The situation is changed, as now our job is to bring the horse to the trough, make him drink, make the water look perfect."
"Without a CTO, I don't think a CMO can survive today. At our group, CXO that is Customer Experience Officer is exceptionally important to us, that is an integral part of our group. We tend to keep customer service and everything aside from marketing", Panjwani explained.
"As a CMO, the days of advertising and awards are gone. Today we run 100 of campaigns a day. From Mutual Funds to Wealth Management, everyone is running a campaign daily. What is complex, is to make sure that all of us ultimately saying the same thing, using different means."
Nisha Sara Jose, Marketing Director, Faber-Castell also echoed the thoughts of Panjwani.
According to Errol Marquis, General Manager - Marketing, Jio Reliance role of CMO will become even more important in the years going by.
"The role of CMO will become more important mainly because of the fact with all our platform technologies are coming in, people are bombarded with 100 types of messages in a day," said Marquis. "But it normally the CMO who tries to get the insights of the particular brand. And based on those insights the CMO revive from one particular product sale from another is the brand and I think the role of the CMO will be a lot more interesting", he added.
He emphasized that the role of the CMO will be more important as we go along. Moderator Rana Barua, CEO, Havas Group India, highlighted that one of the big challenges that a lot of organizations are facing is "Performace versus Purpose." It is one of the key points that marketers should think about.
If a brand loses its purpose, it will seize to exist, says, the moderator by Rana Barua, CEO, Havas Group India.
When asked how brands can perform well without deviating from their purpose, Panjwani said that while marketing, brands should be careful about their What, How and Why.
"What and "how" are fine but the beauty of arriving at your "why" is so sustainable", she added.
Lastly, all of the panellists agreed that most businesses fail at marketing because they address their ‘what and how’, but ignore the ‘why.’ Barua concluded the session by saying, it's always wonderful to sit with CMOs and understand the complexities of the business.
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